As a new client to Bibby Financial Services, we will welcome you as a new member of our family. A customer relationship manager is assigned to you who will be your point of contact and assist you for any coordination and management of your account.
When you take on a new customer (debtor), a contact is made with your debtor to inform them that you are using a factoring facility. The communication briefly introduces ourselves, explains the concept of Factoring/Invoice Finance and details of how they should make payment to us, giving our address and bank details.
Notice of Assignment
As part of your agreement with us you will continue to raise invoices to your customers in the normal way, however, your invoices will now also need to include our Notice of Assignment.
The Notice of Assignment should be incorporated into the body of your invoice, labels can be provided.
Customer/Debtor Statement
At the end of every month your customers will be sent a statement which will summarise the transactions of that particular month and any charges which may have been applied.
Credit Control Letters
As part of your facility with Bibby Financial Services, you will be assigned a dedicated client manager and credit control team that will help you chase and collect outstanding payment of the debtors assigned to us.
Part of our collections process will involve the sending out of letters to assist us in chasing outstanding payments from your customers, with each gaining in strength. These letters will be sent out at predetermined dates after the due date of invoices.
If there is no satisfactory outcome to the letters then the issue of legal action will be discussed with yourself.